Construction company Mace has been appointed as the main contractor by the companies for the development of the new project.
The 39-storey, 453ft tower will feature 905 student beds along with 15,000ft2 of amenity space.
US-based real estate investment trust company Blackstone Mortgage Trust has provided construction financing for the new purpose-built student accommodation scheme.
Mace Tech business unit director Shaun Tate said: “We are delighted to have been selected as Greystar’s construction partner, working together with Kohn Pedersen Fox Associates to deliver such an ambitious scheme.
“Delivered through an advanced modern methods of construction approach, we will maximise bespoke off-site solutions to drive faster, safer and greener delivery to a consistent factory quality.”
Demolition contractor Cantillon has started work to demolish the Capital House located on 42 Weston Street to prepare the site for the construction of the student accommodation.
The energy efficient tower is designed to be 100% certified renewable energy supply, with solar panels on the rooftop.
Modern methods of construction will also be used to minimise emissions from transport, concrete waste, and water usage on site.
Additionally, the new development aims to achieve a BREEAM rating of ‘Excellent’ as well as a five-star Global Real Estate Sustainability (GRESB) score.
Main construction work on the project is expected to commence in March this year and is scheduled to be opened for the academic year of 2025.
Upon completion, the building will be operated under the Chapter London brand.
Currently, the brand comprises 11 assets across the Capital including Highbury, South Bank Spitalfields, and Old Street.
Rendering of the new 39-storey student accommodation. Credit: Mace Group.